All the following companies is most likely to use a job ordercosting system, EXCEPT:Oa.Private hospital companyO b. none of the given answers is correct.O c. Architecture consultancy companyOC.Od. Legal services companyO e. Shoes-making companyr costing system and allocates its

Job order costing is useful to the management of the company to identify the cost of the product…

Answered: All the following companies is most…

Business

Accounting

All the following companies is most likely to use a job costing system, EXCEPT:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

All the following companies is most likely to use a job order
costing system, EXCEPT:
Oa.
Private hospital company
O b. none of the given answers is correct.
O c. Architecture consultancy company
OC.
Od. Legal services company
O e. Shoes-making company
r costing system and allocates its

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Under a job order costing system, individual jobs are charged with actual overhead costs when they are transferred to finished goods. TRUE FALSE
What is the difference between job order costing and process costing? What types of companies use each of these costing processes and can you please provide an example for each company.
Describe a situation in which you would use job order costing information for a product. What specific costs would be on the job order costing sheet? What is a service that might utilize job order costing?
1. Which type of cost system, process or job order, would be best suited for each of the following: (a) TV assembler, (b) building contractor, (c) automobile repair shop, (d) paper manufacturer, (e) custom jewelry manufacturer? Give reasons for your answers. 2. In a job order cost system, direct labor and factory overhead applied are debited to individual jobs. How are these items treated in a process cost system and why?
True or false In a job costing system companies must accumulate costs and then assign costs to each job.
A job cost accounting system is suitable for similar products that are mass produced. True False
Companies can choose from different costing methods: process/product costing and activity-based costing. Think about a company, what are the differences between the two costing methods, and how do these apply to your company?
Why would the manager of a service company need to use job-order costing?
So, what is the function of the Job Cost Sheet within the context of a job-order costing system?